Building Details

Building Size 2,800 SF

Listing Agency: Graham Real Estate

Listed By: Nate Graham Show Phone

Source: Cpix.resimplifi

Added: Nov 3 Changed: Nov 4 Last Checked: Nov 4 at 2:23PM

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Investment Insights

Based on property information with market context.

This 2,800-square-foot apartment property contains seven efficiency-style units and is fully rented for long-term occupancy. Coin-operated laundry is available on site. The property encompasses approximately 1.6 acres and carries EC B-1 zoning.

The parcel fronts US-31 in Levering, with access to Pellston, Petoskey, Mackinaw City and other Northern Michigan communities. The existing configuration combines rental apartments, laundry facilities and commercial zoning.

Key Highlights

• Seven efficiency‑style apartments; currently fully rented
• 2,800‑square‑foot building on approximately 1.6 acres
• On‑site coin laundry

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,155

Cap Rate

8.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$443,100 $443.1K

Cap Rate 7%

$316,500 $316.5K

Cap Rate 9%

$246,167 $246.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,800 SF

Gross rent

$42.7K $15.24/SF

− Vacancy

−$2.4K −$0.85/SF

EGI

$40.3K $14.39/SF

− OpEx

−$18.1K −$6.47/SF

NOI

$22.2K $7.91/SF

Area

Emmet County, MI

Vacancy

5.60%

Lease Rate

$15.24 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$443,100

Cap Rate 7%

$316,500

Cap Rate 9%

$246,167

Alternative Uses

Best Use

Apartment 5plus

$316.5K

$276.9K – $369.3K (±1% cap)

NOI $22,155 @ 7.0% cap · market cap 8.24%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$633.7K

$554.5K – $739.3K (±1% cap)

NOI $44,357 @ 7.0% cap · market cap 16.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

7

Residential units

100%

Occupancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Explore this area Business Placement

Demographics for 49755, MI

1,847

Population

1,303

Households

1.4

Avg Household Size

51

Median Age

22%

College-Educated

93%

High-School Grad

102.4 sq mi

ZIP Area

18

Density / Sq Mi

$61,121

Median Household Income

$34,676

Median Earnings

$894

Median Rent

$171,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Commercial zoning and on-site coin laundry complement its long-term efficiency apartment operation.

Where is this apartment building located?

The property is located at 2870 US-31 Levering, MI.

What is the asking price?

The asking price for this property is $269,000.

What are key features of this property?

This property features: Seven efficiency‑style apartments; currently fully rented; 2,800‑square‑foot building on approximately 1.6 acres; On‑site coin laundry